CrckrJack wrote:Source of the post I read on reddit that he bought the debt for 60k and then forgave it

That makes sense. My first job out of college was for a debt collection place (I worked as a Business Analyst so you can't hate me). They would buy debt from other debt collectors that couldn't collect for literal pennies on the dollar. If they spent 60k on 15 million that is $0.004 per dollar. Crazy.

CrckrJack wrote:Source of the post I read on reddit that he bought the debt for 60k and then forgave it

That makes sense. My first job out of college was for a debt collection place (I worked as a Business Analyst so you can't hate me). They would buy debt from other debt collectors that couldn't collect for literal pennies on the dollar. If they spent 60k on 15 million that is $0.004 per dollar. Crazy.

All of these had to be insanely defaulted debt, right? I am not familiar with the industry at all. Like since we are paying our debt ours would be closer to $1:$1 if someone wanted to buy it out, right?

CrckrJack wrote:Source of the post All of these had to be insanely defaulted debt, right? I am not familiar with the industry at all. Like since we are paying our debt ours would be closer to $1:$1 if someone wanted to buy it out, right?

I want to watch the segment and see how they explain it all. Does him buying them and essentially canceling them remove the marks from a credit score?

Good question about our current debt. Don't you think some of our debt is actually sold at higher rates since we are responsible and make payments? After 30 years of paying for a house you basically are paying $100k+ more than the original loan because of interest. If a bank was selling that I would imagine they would want more than the original loan or they just break even?

I think it had to be seriously delinquent. On top of that, this is debt that probably couldn't be collected on anyway, however the people were still harassed. It's not legal to FORCE someone to collect, but you can definitely coax them on it. Because of that, the debt is cheaper.

There are a couple charities that do something similar with a pay it forward type student loans deal, but their ratio is much worse. These were all medical expenses, which typically don't affect credit scores anyway.